Are you in the market for another vehicle? C&S Car Company has you covered with a wide selection of new and pre-owned vehicles. However, some buyers have a hard time deciding whether to buy a new car or a used car. If you’re in the same boat, then you’re in luck. We’re diving in-depth to understand some of the benefits and drawbacks that come with buying a new or used vehicle.
Pros and Cons of Buying New A brand-new car offers more than just curb appeal and prestige. Buying new also gives you an incredible set of benefits you can take advantage of right away:
The latest options – Whether you want the latest in infotainment tech or niceties like heated and cooled seats, buying new gives you access to the latest and greatest features.
More financing options – Buying new also gives you more choices when it comes to financing, including programs with lower interest rates and other unique incentives.
Greater peace of mind – With a new car, you won’t have any lingering worries about its reliability or wonder if there are any mechanical surprises lurking within. By far and large, a new car gives you several years of trouble-free motoring.
Factory warranty – If anything goes wrong with your new car, the included factory-backed warranty takes care of those issues at no charge. Most factory warranties cover the first few years or the first 36,000 to 100,000 miles, whichever comes first. Some warranties even offer unlimited mileage.
New cars aren’t always perfect. Buying one also has its share of downsides to consider:
Depreciation – A new car’s value can drop as much as 30 percent after the first year of ownership and over 60 percent after five years.
Expensive to buy – Unless you take advantage of factory discounts and incentives, buying a new car can prove an expensive endeavor. Financing a new car could cost you more in interest over time.
Expensive to insure – Replacement values are higher for new cars, which means you’ll pay more for insurance. Auto lenders also require mandatory collision and comprehensive insurance coverage, adding to your insurance costs for the life of the loan.
Pros and Cons of Buying Used If you aren’t craving the latest gadgets or want to keep more money in your pocket, buying a used car is the right move. Here are a few upsides to consider:
Costs less – Buying used instead of new can save you thousands of dollars. It’s one area where depreciation definitely works in your favor. Used cars are also cheaper to register and insure, in most cases.
More room for upgrades – You can use the money you saved to move up to a larger vehicle or one with more bells and whistles.
Certified pre-owned advantages – Used cars bought through a certified pre-owned program are the cream of the crop. CPO cars are typically less than three model years old, have low miles and must meet strict standards, in addition to having generous warranties.
Less stress – Door dings, scratches and other minor flaws tend to be less frustrating when driving a used car. In some cases, these flaws are cheaper to fix than on new vehicles.
Like new cars, used cars also have their various downsides:
Limited selection – With a used car, what you see is what you get. In many cases, you’d have to surf the web or drive from dealership to dealership to find the exact options and features you want.
Higher mileage – Used cars usually come with higher mileage, although it’s not the deal breaker it once was. Today’s used cars hit their stride at the 150,000 to 200,000-mile mark, while many can go beyond 300,000 without a hitch.
Higher operating costs – Used vehicles tend to need more upkeep than their brand-new counterparts. Said upkeep can also cost more than what you’d normally pay for maintenance for a new vehicle.
Reliability worries – Unless you a buy a certified pre-owned car, you might have worries about your used car’s prior history and how well previous owners maintained it.
Deciding Which is Right for You Buying a new or used car has its upsides and pitfalls, but it is ultimately up to you to decide which option works in your favor. These options can change due to a variety of factors, including whether you’re paying cold hard cash or planning on financing your next vehicle.